Get Extra Peace of Mind with Umbrella Liability Insurance
Liability claims routinely result in awards or settlements in the hundreds of thousands to millions of dollars, with the cost of legal fees on top of that. An unexpected calamity could result in such a claim being made against you, placing your assets and financial well-being in serious jeopardy.
A personal umbrella liability policy could protect you against large awards or settlements for loss, injury, or even death caused by negligent acts. It is designed to provide liability protection over and above the policies you currently have, such as automobile, homeowners, and watercraft insurance.
Expect the Unexpected
Here are some real cases and their results.
- One boy shot another boy with a bb gun while playing at their friend’s house. Compensatory Award: $500,000
- A 12-year-old boy was bitten by a neighbor’s two dogs, suffering injuries to his lower legs and thigh. Compensatory Award: $500,000
- A homeowner improperly installed his pool diving board and was later sued by the next homeowner after use of that board resulted in serious injury. Out-of-court Settlement: $2,500,000
- A 6-year-old boy suffered partial permanent impairment of his arm and hand while being lifted over a friend’s fence to retrieve a ball. Award: $1,220,000
- A teenage driver hit a parked truck, causing his passenger serious head trauma. Out-of-court Settlement: $1,875,000
How well protected are you and your family from an excess liability claim?
Why Do I Need Umbrella Insurance?
If you already have auto and homeowners insurance, you may wonder why you need additional liability coverage.
We live in a very litigious society, and the monetary awards associated with liability lawsuits can be astounding. Your current policies may be adequate enough to protect against minor misfortune but very likely will not be enough to cover grievous financial loss.
Besides providing increased liability limits, a typical personal umbrella insurance gives you:
- Possible protection against claims that are not covered by your other personal policies.
- Coverage anywhere in the world.
- Coverage for attorneys’ fees associated with claims against you that are covered by your personal umbrella, but not by your primary policies. These are paid in addition to your policy limit.
Many umbrella liability claims stem from severe auto accidents, but not all policies are built the same. A typical umbrella would cover any claim made against you by an injured party, such as a passenger, pedestrian, or other motorist.
But what if the other driver is at fault and is uninsured, or has insufficient insurance to cover the damages they’ve caused you? In such cases, your umbrella policy likely would not apply.
Nationwide, 1 in 8 drivers is uninsured. By rounding out your umbrella policy with Uninsured/Underinsured Liability coverage, you and your passengers will be better protected should the at-fault party be unable to pay for your injuries.
Get a Quote!
The level of protection you need could easily vary from that of the next person, so it’s best to discuss the details with an expert. Enlist the guidance of a specialist by calling Banas & Fickert Insurance Agency at 413-527-2700. Our umbrella policies can guard you against unwanted and unexpected exposure.
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